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L&G to introduce 100% Sipp clawback for four years

Legal & General is introducing a 100 per cent clawback across its Sipp range if a member disinvests in the first four years.

The company says the move will come into effect on May 1 and will affect the rate of clawback on single contributions and transfer values received into all new and existing plans. The clawback will fall to zero after four years.

L&G currently operates a sliding scale of clawback commission that sees 100 per cent clawback if a member disinvests after one year.
This reduces by 25 per cent for each subsequent year before falling to zero after four years.

Products which will be affected by the change include the portfolio plus Sipp pension, portfolio plus pension and portfolio plus rebate plan.

An L&G spokesman says: “We feel these products are long-term plans and changing the commission claw- back to a simpler proposition is a valid move.”

Hargreaves Lansdown head of pension research Tom McPhail says: “You can see what L&G is doing from an RDR perspective as it is preventing advisers from piling in before the RDR deadline to get commission and then transferring out in a couple of years but these new terms do create additional barriers for IFAs and clients.”


Kames hires high yield manager for fixed income team

Kames Capital has bolstered its fixed income team with the addition of an investment manager covering high yield bonds. Claire McGuckin will report to Phil Milburn, manager of the £795.9m Kames high yield bond and £113.9m Kames high yield global bond funds. Milburn says: “Claire’s 18 years experience in credit research will further strengthen our […]

Jupiter launches strategic reserve fund

Jupiter Asset Management has launched the Jupiter strategic reserve fund, first revealed by Money Marketing, to be managed by multi-asset pairing Miles Geldard and Lee Manzi. The multi-asset fund is an onshore version of its Jupiter strategic total return Sicav and has an emphasis on capital growth and low volatility. The fund invests in liquid […]

BNY Mellon appoints global head of distribution

BNY Mellon has appointed PeterPaul Pardi as global head of distribution for its investment management business. Pardi has more than 20 years of client and business development experience, primarily in financial services and asset management. He was previously the executive director, global head of institutional investment placement, for Arcapita, a global private equity firm. He […]


Employers are willing to shoulder retirement risk, says Webb

Pensions minister Steve Webb insists there is demand from employers to take on retirement risk despite the continuing closure of private sector defined-benefit schemes. The Government plans to explore ways to encourage employers to take on more pension risk as part of a consultation on reinvigorating occupational pension provision due to be published later this […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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